GE raises dividend 16 percent to 22 cents

FAIRFIELD, Conn. (AP) — General Electric says it is increasing its quarterly dividend by 3 cents, or 16 percent, to 22 cents.

The Fairfield, Conn., company said Friday that the new dividend is payable Jan. 27 to shareholders as of Dec. 23.

GE has been shaping itself into a conglomerate more focused on industrial equipment and appliances, shrinking its banking operations and selling off its media arm, NBCUniversal. GE's products include jet engines, medical diagnostic equipment, oil and gas drilling equipment and washing machines.